"It’s not working. The Bush-Obama strategy of throwing trillions at the banks to solve the mortgage crisis is a huge bust. The financial moguls, while tickled pink to have $1.25 trillion in toxic assets covered by the feds, along with hundreds of billions in direct handouts, are not using that money to turn around the free fall in housing foreclosures. As The Wall Street Journal reported Tuesday, “The Mortgage Bankers Association cut its forecast of home-mortgage lending this year by 27% amid deflating hopes for a boom in refinancing.” The same association said that the total refinancing under the administration’s much ballyhooed Home Affordable Refinance Program is “very low.”" - Steven Perez from Bookmarklet

Like any one really expected the fat cats to look out for anyone but themselves. Pity they have no concept of a house of cards. - Mathew A. Koeneker

It's probably a good thing the banks didn't turn around and lend the money out like candy. The housing market is still way overinflated. This would have just created another round of defaults in the next couple of years. - Jeff P. Henderson

Maybe the banksters shouldn't have defeated cramdown provisions. - Andrew C (✓)

Probably right, Jeff. But they could have lent with a better litmus test as opposed to just making their balance sheets look nicer. - Mathew A. Koeneker

don't give people money who have a track record of wasting it... - τorƍue

Do you mean the speculator banks or the speculator home buyers? - Mathew A. Koeneker